(Above: Phil Kent, left, and John Martin)

Time Warner Chairman and CEO Jeff Bewkes today, announced that John Martin will be the next Chief Executive Officer of Turner Broadcasting, home to such great brands as TNT, TBS, CNN and Cartoon Network.

Martin, who is currently Time Warner's Chief Financial and Administrative Officer, will become CEO beginning January 1, 2014, succeeding Phil Kent, who will serve as Chairman for a transition period in 2014.

Bewkes praised Kent's leadership as Turner's CEO over the last 10 years, saying: "he has expertly guided the Turner networks through a period of rapid change, all the while building on each network's leading position with viewers and advertisers and forging stronger relationships with distributors. At Phil's initiation, he and I agreed that now is the right time to announce the next generation of leadership, and I am pleased that he will serve as Chairman."

Of Martin, Bewkes added: "John is one of the most capable and strategically-minded executives I know. As CFO, he led the design and implementation of our financial strategy that has helped Time Warner deliver superior shareholder returns. But he is also a broad and thoughtful business thinker whose inclusive management style and focus on driving the business forward will fit well with the Turner tradition."

Read the full release here.